Akin Gump Successful in Securing Galapagos Winding-up Order
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(London) – The English court has today made a winding-up order in respect of Galapagos S.A.(Galapagos), in a judgment which also provides helpful guidance on the application of the Recast European Insolvency Regulation, says law firm Akin Gump, which acted for the successful applicants.
Marking a major milestone in an almost three year cross-border insolvency dispute involving English, German and European courts, the judgment also determined the extent to which pre-Brexit jurisprudence should still be considered retained in, or relevant to, English law.
The judgment relates to a jurisdictional battle over the insolvency of the Luxembourg-incorporated Galapagos and the successful restructuring of over €1 billion of debt. The group’s restructuring closed in October 2019, with Akin Gump advising an ad hoc group of senior secured noteholders as to English, New York and German law (read more here).
Read the full analysis of the case by international disputes partner Richard Hornshaw, financial restructuring partner Liz Osborne, litigation associate Jay Jamooji and financial restructuring knowledge management counsel Lauren Pflueger here.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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